Macy's Reports Almost $4 Billion in Losses

By Sheridan Fifer

Macy's CEO Jeff Gennette says he expects the coronavirus pandemic to continue to affect the country for the rest of the year, but what he doesn't expect is another shutdown. The first shutdown cost Macy's almost $4 billion in losses and forced the retailer to make big changes very quickly. Some experts say these changes needed to be made a long time ago. 

“Whether in staffing, fleet size, online initiatives or real estate monetization, it (Macy’s) is at last implementing the radical surgery that should have begun years ago,” said Craig Johnson, president at retail consultancy Customer Growth Partners.

Read the full story at Reuters.